SPECTRAL CAPITAL Corp 10-Q for FY2021 Q3

SPECTRAL CAPITAL Corp (FCCN)

10-Q 2021-11-05 For: 2021-09-30

Added on April 06, 2026

About this 10-Q

SPECTRAL CAPITAL Corp filed this 10-Q on November 5, 2021, covering the quarter ended September 30, 2021 (FY2021 Q3).

Headline figures

Quarter ended September 30, 2021, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $0; compared with $0 a year earlier
Net loss: $41.03K; compared with a net loss of $40.8K a year earlier

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Nevada	51-0520296
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)
4500 9th Avenue NE, Seattle, WA	98105
(Address of principal executive offices)	(Zip/Postal Code)
(206) 385-6490
(Telephone Number) ___________

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	¨	Smaller reporting company	☒
		Emerging growth company	☒

PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements	4
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	5
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	6
Item 4.	Controls and Procedures	6

PART II - OTHER INFORMATION		7
Item 1.	Legal Proceedings	7
Item 1A.	Risk Factors	7
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	7
Item 3.	Defaults Upon Senior Securities	7
Item 4.	Mine Safety Disclosures	7
Item 5.	Other Information	7
Item 6.	Exhibits	7
SIGNATURES		8

INDEX TO UNAUDITED FINANCIAL STATEMENTS

Condensed Consolidated Financial Statements of Spectral Capital Corporation, Inc.

	Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020 (unaudited)	F-1

	Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2021 and 2020 (unaudited)	F-2

	Condensed Consolidated Statements of Stockholders' Deficit for the Three and Nine Months Ended September 30, 2021 and 2020 (unaudited)	F-3

	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020 (unaudited)	F-4

	Notes to the Condensed Consolidated Financial Statements (unaudited)	F-5

	September 30, 2021	December 31, 2020
Assets:
Cash and cash equivalents	`$315`	`$413`
Current assets	`315`	`413`

Total assets	`$315`	`$413`

Liabilities and Stockholders' Deficit:
Current liabilities
Accounts payable and accrued liabilities	`$780`	`$1,406`
Related party advances and accruals	`1,223,110`	`1,089,258`
Current liabilities	`1,223,890`	`1,090,664`
Total liabilities	`1,223,890`	`1,090,664`

Stockholders' Deficit:
Preferred stock, par value $0.0001, 5,000,000 shares authorized, no shares issued and outstanding	`-`	`-`
Common stock, par value $0.0001, 500,000,000 shares authorized, 117,857,623 shares issued and outstanding as of September 30, 2021 and December 31, 2020	`11,786`	`11,786`
Additional paid-in capital	`27,787,681`	`27,787,681`
Accumulated deficit	`(28,801,331)`	`(28,668,055)`
Total stockholders' deficit	`(1,001,864)`	`(868,588)`
Non-controlling interest	`(221,711)`	`(221,663)`
Total stockholders' deficit	`(1,223,575)`	`(1,090,251)`
Total liabilities and stockholders' deficit	`$315`	`$413`

	Three Months Ended September 30, 2021	Three Months Ended September 30, 2020	Nine Months Ended September 30, 2021	Nine Months Ended September 30, 2020

Revenues	`$-`	`$-`	`$-`	`$48`

Costs of sales	`-`	`-`	`-`	`-`

Gross profit (loss)	`-`	`-`	`-`	`48`

Operating expenses:
Selling, general and administrative	`5,049`	`4,809`	`25,324`	`20,659`
Wages and benefits	`36,000`	`36,000`	`108,000`	`108,000`
Total operating expenses	`41,049`	`40,809`	`133,324`	`128,659`

Net loss before non-controlling interest	`(41,049)`	`(40,809)`	`(133,324)`	`(128,611)`

Loss attributable to non-controlling interest	`19`	`14`	`48`	`520`

Net loss attributable to Spectral Capital Corporation	`$(41,030)`	`$(40,795)`	`$(133,276)`	`$(128,091)`

Basic and diluted loss per common share	`$(0.00)`	`$(0.00)`	`$(0.00)`	`$(0.00)`
Weighted average shares - basic and diluted	`117,857,623`	`117,857,623`	`117,857,623`	`117,857,623`

Three Months Ended September, 2021
	Common Stock		Additional Paid-in	Non-Controlling	Accumulated	Shareholders'
	Shares	Amount	Capital	Interest	Deficit	Deficit
June 30, 2021	`117,857,623`	`$11,786`	`$27,787,681`	`$(221,692)`	`$(28,760,301)`	`$(1,182,526)`

Non-controlling interest	`-`	`-`	`-`	`(19)`	`-`	`(19)`
Net loss	`-`	`-`	`-`	`-`	`(41,030)`	`(41,030)`

September 30, 2021	`117,857,623`	`$11,786`	`$27,787,681`	`$(221,711)`	`$(28,801,331)`	`$(1,223,575)`

Nine Months Ended September 30, 2021
	Common Stock		Additional Paid- in	Non-Controlling	Accumulated	Shareholders'
	Shares	Amount	Capital	Interest	Deficit	Deficit
December 31, 2020	`117,857,623`	`$11,786`	`$27,787,681`	`$(221,663)`	`$(28,668,055)`	`$(1,090,251)`

Non-controlling interest	`-`	`-`	`-`	`(48)`	`-`	`(48)`
Net loss	`-`	`-`	`-`	`-`	`(133,276)`	`(133,276)`

September 30, 2021	`117,857,623`	`$11,786`	`$27,787,681`	`$(221,711)`	`$(28,801,331)`	`$(1,223,575)`

Three Months Ended June 30, 2020
	Common Stock		Additional Paid-in	Non-Controlling	Accumulated	Shareholders'
	Shares	Amount	Capital	Interest	Deficit	Deficit
June 30, 2020	`117,857,623`	`$11,786`	`$27,787,681`	`$(221,591)`	`$(28,587,578)`	`$(1,009,702)`

Non-controlling interest	`-`	`-`	`-`	`(14)`	`-`	`(14)`
Net loss	`-`	`-`	`-`	`-`	`(40,795)`	`(40,795)`

September 30, 2020	`117,857,623`	`$11,786`	`$27,787,681`	`$(221,605)`	`$(28,628,373)`	`$(1,050,511)`

Nine Months Ended September 30, 2020
	Common Stock		Additional Paid-in	Non-Controlling	Accumulated	Shareholders'
	Shares	Amount	Capital	Interest	Deficit	Deficit
December 31, 2019	`117,857,623`	`$11,786`	`$27,787,681`	`$(221,085)`	`$(28,500,282)`	`$(921,900)`

Non-controlling interest	`-`	`-`	`-`	`(520)`	`-`	`(520)`
Net loss	`-`	`-`	`-`	`-`	`(128,091)`	`(128,091)`

September 30, 2020	`117,857,623`	`$11,786`	`$27,787,681`	`$(221,605)`	`$(28,628,373)`	`$(1,050,511)`

	Nine Months Ended September 30, 2021	Nine Months Ended September 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss attributable to Spectral Capital Corporation	`$(133,276)`	`$(128,091)`
Adjustments to reconcile net loss to net cash used in by operating activities:
Non-controlling interest	`(48)`	`(520)`
Changes in operating assets and liabilities:
Due to related parties - accrued salary	`108,000`	`108,000`
Accounts payable and accrued expenses	`(626)`	`-`
Deferred revenue	`-`	`(48)`
Net cash used in operating activities	`(25,950)`	`(20,659)`

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from related party advances	`25,852`	`20,269`
Net cash provided by financing activities	`25,852`	`20,269`

Change in cash and cash equivalents	`(98)`	`(390)`
Cash and cash equivalents, beginning of period	`413`	`853`
Cash and cash equivalents, end of period	`$315`	`$463`

Supplemental disclosures of cash flow information:
Cash paid for interest	`$-`	`$-`
Cash paid for income taxes	`$-`	`$-`

Level 1	Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2	Include other inputs that are directly or indirectly observable in the marketplace.

Level 3	Unobservable inputs which are supported by little or no market activity.

		Non- Controlling
		Interest
Balance at December 31, 2020		$ (221,663)

Net loss attributable to non-controlling interest		(48)
Balance at September 30, 2021		$ (221,711)

List of Exhibits

3(i)(1)	Articles of Incorporation of Spectral Capital Corporation, dated September 13, 2000, incorporated by reference to Exhibit 3(a) on Form 10-SB filed May 1, 2003.
3(i)(2)	Certificate of Amendment to Articles of Incorporation of Spectral Capital Corporation, dated June 17, 2007, incorporated by reference to Exhibit 2.1 on Form 8-K filed July 7, 2004.
3(ii)	By-laws of Spectral Capital Corporation, dated September 14, 2000, incorporated by reference to Exhibit 3(b) on Form 10-SB filed May 1, 2003.
31.1	Certification of Chief Executive Officer pursuant to Section 302 of Sarbanes-Oxley Act of 2002
31.2	Certification of Chief Financial and Principal Accounting Officer pursuant to Section 302 of Sarbanes-Oxley Act of 2002
32.1	Certification of the Company’s Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	Certification of the Company’s Chief Financial and Principal Accounting Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

	Spectral Capital Corporation

	/s/ Jenifer Osterwalder
	Jenifer Osterwalder
	President and Chief Executive Officer